Three leading banks in India - State Bank of India (SBI), Bank of Baroda (BoB), and Bank of Maharashtra - have recently launched special fixed deposit (FD) schemes with attractive interest rates tailored to meet a variety of investor requirements. Here's an overview of these schemes to clarify the available investment options.
SBI's 'Amrit Vrishti' scheme offers an attractive interest rate of 7.25% per annum for a 444-day deposit, effective July 15, 2024. Senior citizens will receive an additional 0.50% interest, enhancing returns for this customer segment. Depositors can avail of the scheme through various convenient channels, including SBI branches, YONO SBI, YONO Lite (mobile banking apps), and SBI internet banking (INB), ensuring flexibility for online and offline transactions.
The scheme remains open for investment until March 31, 2025, providing retail investors ample opportunity to benefit from the competitive interest rates.
"We are pleased to introduce 'Amrit Vrishti,' a new variant of our term deposit scheme designed to meet the diverse needs of our customers. This initiative underscores SBI's commitment to offering avenues for our valued customers to enhance their wealth," said Dinesh Khara, Chairman of SBI.
444-day deposit- 7.25%
Bank of Baroda (BoB) introduced the "bob Monsoon Dhamaka Deposit Scheme" offering lucrative interest rates starting at 7.15% per annum for 333 days and 7.25% per annum for 399 days. Senior citizens benefit from additional interest rates, enhancing returns up to 7.90% per annum for 399 days. This scheme is available for online and branch-based applications.
333 days- 7.15%
399 days- 7.25%
Bank of Maharashtra unveiled four distinct deposit plans, ranging from 200 days to 777 days, featuring competitive interest rates that scale up with longer tenures. For instance, the highest rate reaches 7.25% per annum for a 777-day deposit. This initiative aims to attract investors with varying investment horizons.
200-day deposit-6.9%
400-day deposit-7.10%
666-day deposit 7.15%
777-day deposit 7.25%
